Midland at a glance
- Population: 42,663 residents, the 29th-largest of 533 places in Michigan (US Census Bureau, Vintage 2023).
- 2020 Census base: 42,535 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: population rose about 0.3% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Michigan places: the 29th-largest of 533 (US Census Bureau, 2023 estimate).
- Size percentile: about 95% of places in Michigan are smaller (US Census Bureau).
- Coordinates: 43.6248, -84.2320 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Saginaw, MI (20 mi); Flint, MI (50 mi); East Lansing, MI (62 mi); Lansing, MI (65 mi); Pontiac, MI (83 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Auburn, MI (8 mi); Sanford, MI (9 mi); Merrill, MI (16 mi) — US Census Bureau populations.
What a personal loan costs in Midland
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Michigan lending rules that apply in Midland
The table carries the Michigan rate and licensing rules that apply to consumer loans made in Midland.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | License required from the commissioner to make regulated loans (Regulatory Loan Act, MCL 493.1 et seq.) Source says: "a person shall not engage in the business of making loans of money ... without first obtaining a license from the commissioner" | Michigan Legislature as of 2026-09-16 |
| State lending regulator | Michigan Department of Insurance and Financial Services (DIFS) Source says: ""Department" means the department of insurance and financial services" | Michigan Legislature as of 2026-09-16 |
| Regulated lender interest/finance charge cap | 25% per annum (Credit Reform Act, MCL 445.1854(1)) Source says: "may charge, collect, and receive any rate of interest or finance charge for an extension of credit not to exceed 25% per annum" | Michigan Legislature as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 7% per annum maximum by written agreement; 5% legal rate (MCL 438.31) Source says: "it shall be lawful for the parties to stipulate in writing for the payment of any rate of interest, not exceeding 7% per annum" | Michigan Legislature as of 2026-09-16 |
| Payday lending status | Legal and licensed — deferred presentment service transactions (2005 PA 244; MCL 487.2121 et seq.), licensed and regulated by DIFS Source says: "AN ACT to regulate the business of providing deferred presentment service transactions; to require the licensing of providers of deferred presentment service transactions" | Michigan Legislature as of 2026-09-16 |
How to compare offers in Midland
Here is a short checklist for comparing personal loans in Midland:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Michigan using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.